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Temasek Holdings Invests $1.5 Billion In India Over Three Months

Temasek Holdings Pvt. Ltd., an investment company of the Government of Singapore, has invested close to $1.5 billion in India over the last three months.

The firm wants to continue investing in the country, increase its India exposure in absolute terms and as a share of its portfolio, said Rohit Sipahimalani, joint head of the wealth fund’s portfolio strategy and risk group. “We see India as the fastest growing large economy in the world,” he told BloombergQuint in an interview.

With the latest investment, Temasek’s total exposure to India rose to nearly $11.5 billion, which comprises over 4 percent of its portfolio value.

In the financial services space, Temasek has invested in ICICI Bank Ltd, whose Chief Executive Officer Chanda Kochhar is currently facing allegations of quid pro quo in loans granted by the lender to the Videocon Group.

Sipahimalani said the bank’s board is conducting an independent probe into the allegations of impropriety against her. He is confident the board will take the right decision. “We expect the boards of the companies [we invest in] to uphold the standards of governance and we engage with these boards on a regular basis.”

Temasek is planning to lower its investments globally due to escalating trade tensions between the U.S. and China and a potential slowdown in the world’s largest economy. “The slowdown can increase the probability of a recession in the U.S., which is why we are planning to slow down our pace of investments.”